SOL is still rising all day, yet the final hour ends beside the old low. What’s truly been repeatedly discussed is a set of financial results.
This quarter, a Nasdaq-listed company has added about 948,600 SOL, bringing its total holdings to 8.5 million—around 1.4% of Solana’s circulating supply. Its own calculated average purchase price is $83; the reference price as of September 30 is $118. The position is worth roughly $1 billion, and after deducting debt, net assets are about $870 million.
Where did the money come from? Institutional borrowings increased from $105 million to $167.5 million, and in September it also carried out a $25 million private placement. About half of the added amount was borrowed.
The buying is real, and so is the leverage. At the same time, some people claim that spot SOL ETFs saw net outflows for two consecutive days, contract open interest fell by about 3%, and the proportion of long accounts swelled to over 60%, while the price repeatedly tries to break through the 121–123 resistance zone but can’t get past it.
The company doesn’t let its purchased coins shrink with the coin price, nor does its debt shrink with the price. If it falls below the cost basis of that batch at $83, the story would be told differently.
So the question is: does this mean institutions are propping things up with real money, or are they moving the risk from retail investors onto the listed company’s balance sheet?
This quarter, a Nasdaq-listed company has added about 948,600 SOL, bringing its total holdings to 8.5 million—around 1.4% of Solana’s circulating supply. Its own calculated average purchase price is $83; the reference price as of September 30 is $118. The position is worth roughly $1 billion, and after deducting debt, net assets are about $870 million.
Where did the money come from? Institutional borrowings increased from $105 million to $167.5 million, and in September it also carried out a $25 million private placement. About half of the added amount was borrowed.
The buying is real, and so is the leverage. At the same time, some people claim that spot SOL ETFs saw net outflows for two consecutive days, contract open interest fell by about 3%, and the proportion of long accounts swelled to over 60%, while the price repeatedly tries to break through the 121–123 resistance zone but can’t get past it.
The company doesn’t let its purchased coins shrink with the coin price, nor does its debt shrink with the price. If it falls below the cost basis of that batch at $83, the story would be told differently.
So the question is: does this mean institutions are propping things up with real money, or are they moving the risk from retail investors onto the listed company’s balance sheet?